A decline has been noticed in the country’s exports in the last few months, reported 24NewsHD TV channel on Wednesday.

According to the Pakistan Bureau of Statistics (PBS), a drop by 12.68 per cent was recorded in exports in July, 2023, the first month of the new financial year (FY) 2023-24, while its volume stood at $2 billion.

Compared with July 2022, exports in July 2023 dropped by 26.4 per cent.

The bureau says that last month the country’s imports stood at over $3 billion while trade deficit was recorded at over $1 billion.

The BoS further reveals that the exports came down by 8.57 per cent on yearly basis.

As per the PBS, the country’s exports declined by 12.68 percent on a month-on-month (MoM) basis in the first month (July) of the current fiscal year 2023-24 and remained $2.057 billion compared to $2.356 billion in June 2023.

Pakistan’s trade deficit narrowed by 13.35 per cent on a MoM basis and remained$1.607 billion in July 2023 compared to $1.863 billion in June 2023. The country’s imports decreased by 13.15 per cent in July 2023 and remained $3.664 billion compared to $4.219 billion in June 2023.

On a year-on-year (YoY) basis, exports witnessed a decline of 8.57per cent and were recorded at $2.057 billion in July 2023 against the exports of $2.250 billion in July 2022.

The imports also decreased to $3.664 billion in July 2023 from $4.981 billion in July 2022, showing negative growth of 26.44 per cent. The trade deficit narrowed by 41.16 per cent on a YoY basis to $1.607 billion in July 2023 compared to $2.731 billion in July 2022.

Reporter: Waqas Azeem